Hot Research PM

Bank of America's Run-Up May Have Run Out

Sandler O'Neill downgraded the banking giant to Hold from Buy.

We are raising our price target of Bank of America from $11 to $13 but reducing our rating to Hold from Buy.

Bank of America (ticker: BAC) recently announced a series of fourth-quarter items, including $2.7 billion of charges to settle Fannie Mae repurchase claims, $2.5 billion of other mortgage-related charges, $325 million in gains from...